http://www.microsoft.com/athome/security/children/kidtalk.mspxLeet (a vernacular form of "elite") is a specific type of computer slang where a user replaces regular letters with other keyboard characters to form words phonetically—creating the digital equivalent of pig Latin with a twist of hieroglyphics.
Leet words can be expressed in hundreds of ways using different substitutions and combinations, but once one understands that nearly all characters are formed as phonemes and symbols, leetspeek isn't difficult to translate.
It's quite good, actually.
